Sensex surges over 300 points; Sterlite, Tata Motors, ICICI up

MUMBAI: The Sensex extended intraday gains and was near the day's high led by metals, banks, realty and power stocks. Comments from European Central Bank President Mario Draghi that the ECB would take all necessary measures to save the euro boosted sentiment across global markets.

At 11:20 a.m., the 30-share BSE index was at 16,943.34, up 303.52 points or 1.82 per cent. It has touched a high of 16,948.38 and a low of 16,813.13 today.

The Nifty was at 5,143.30, up 100.30 points or 1.99 per cent. The broader 50-share NSE index has touched a high of 5,144.10 and a low of 5,102 today.

"The persistent positive divergence on hourly momentum indicators carries the risk of a technical pullback rally. The Nifty has retraced 50 per cent of the upmove from 4,770 to 5,348 at 5,060; the 61.8 per cent retracement mark is pegged at 4,990. On the upside, 5,100 now poses stiff resistance, and only a weekly close above that will reverse the near-term bearish bias," an Edelweiss report noted.

The BSE Midcap Index was up 1.31 per cent and the BSE Smallcap Index gained 1.23 per cent.

Among sectoral indices, the BSE Metal Index was up 2.94 per cent, the BSE Bankex gained 2.85 per cent, the BSE Realty Index moved 2.12 per cent higher and the BSE Power Index gained 1.98 per cent.